Better Options to Possibly Better

Before delving into this discussion, I want to clarify that my intention is not to criticize anyone's lifestyle choices. Everyone has their own preferences and systems that work for them. However, there are certain observations about traditional employment that are hard to ignore.

The Reality of Paychecks and Profits
One of the most striking realities of traditional employment is the discrepancy between the value of one's contributions and the compensation received. It’s rare to find a job where the paycheck truly reflects the worth of the employee’s work. This discrepancy exists because the very nature of a paycheck implies that someone else is profiting from your labor. If employers were not making a profit from their employees' work, they wouldn't be able to sustain their business.

The Motivation Behind Businesses
Let's face it, no one starts a business with the intention of losing money. The primary goal of any business is to make a profit. I've never heard anyone say, "Hey, I have this brilliant idea that's going to lose a ton of money. Want to join me?" This fundamental profit motive means that employees are often compensated less than the value they create, allowing the business owner to reap the financial benefits.

Clarification
Having stated that, I find it crucial to also mention that I am not saying the employers are being unfair by doing this. They certainly are essential in this transaction as they are the facilitator of the transaction and have taken the initiative to put themselves out there while potentially risking everything they have so the employee even has the opportunity to provide their service to the customer. I just cannot bring myself to accepting being the one for whom the paycheck is made out to when it is entirely too possible to be the one who signs those paychecks.

The Tragedy of the 9 to 5 Grind
In my opinion, it is a tragedy to settle for a 9 to 5 job that barely covers living expenses, often leading to accumulating debt. Many people find themselves in a cycle of working long hours for minimal financial gain, unable to get ahead. This system can be disheartening and demoralizing, especially when considering the limited financial mobility it offers.

Conclusion
While traditional employment works for many, it's important to recognize and address these inherent challenges. Exploring alternative income streams, entrepreneurial endeavors, or even negotiating for better compensation can help mitigate some of these issues. Ultimately, finding a balance that ensures financial stability and personal fulfillment is crucial.

For those considering the entrepreneur route, I put together a little (not so little) list of things I have found to be true (subjectively true from my personal experiences).

Tips to Starting and Scaling Your Own Company
(This should have been split into two posts, I apologize.)

Leverage Existing Skills and Passions
Start a business that aligns with your expertise and interests. This could involve offering consulting services, creating niche content, or developing products in an area you're knowledgeable about. The service industry is an option with very low overhead at times. For example, cleaning services can be done with minimal investment and have the potential to scale to be very profitable. There are also online degrees that are quickly gaining value as our way of living is changing.

Focus on Solving Clear Problems
Identify specific customer needs and develop solutions that address those pain points. This helps ensure market demand for your product or service. For example, if we stick with the cleaning company idea, there are many different side services you can offer depending on your target customer base. Power washing, paper shredding, carpet cleaning, etc.

Prioritize Scalability
Choose a business model that can grow without significant additional investment. Many online businesses are inherently scalable due to their digital nature.

Decide from Day One Where Your Business Stands
Do you want to be the Payless Shoes of your industry, always in a constant price battle to get customers who don't care about quality? Or, do you want to be the Nike company selling a quality item to customers who are willing to pay the extra cost for something they know is going to live up to their expectations?

If you want the latter, you can't be afraid to turn down subpar offers or job opportunities (learned from experience). It is your product or service, and you are the final decision on how much that will cost. The customers do not price your product/service. If you ensure that what you are promoting is quality and stand by it, you will find other customers. You won't get every customer that shows interest; moreover, the ones who are trying to undercut you are not the ones you want to attract anyway. At times you are avoiding hardships down the line by letting them go. Be confident in your company and respectful to your customers. This doesn't mean you can't run discount promotions or loyalty discounts for the ones who stick with you. The better you treat the customers you have, the more secure your business will be.

A one-time job or sale holds considerably less value compared to a recurring job or subscription. With the recurring sales, you not only get the sale but the time and effort that goes into closing the deal with the customer is no longer necessary, thus adding more profit to the sale. New customers are also important and can lead to repeat customers. Balance is key.

Marketing
Spend time discovering your target audience, get inside the way the customer you want to notice you thinks. Discover their thought processes, habitual patterns, down to personal interests. The more you know about the target, the better you can shape your marketing campaign to efficiently get your name in front of the customers you want to provide your product or service to.

Example: If you choose your target audience to be an office manager (I'll stick with the cleaning example since I know more about it than other businesses) because you started a commercial cleaning company, you have to profile what an office manager finds important and how that influences their daily life. I have found that the office managers I have dealt with all seemed to share an interest in sports and had strong family values. They also presented themselves with strong and well-pronounced social skills.

So, you take that information and everything else you have discovered, and find out where someone who exhibits those traits would frequent and put your brand there where they will see it, even if it's just to gain cognitive recognition. Almost any brand exposure can be beneficial exposure.

Not all marketing brings immediate results. Make sure you put some effort into branding and getting that brand in front of your target audience. Even if they do not bite right away, there is a good chance down the line when they need your product or service as a result of the want/need to switch from their existing supplier, they will give your company a chance because your brand is recognizable to them.

Traditional marketing is still a viable tool, and I believe that a good mix of digital and traditional approaches will provide optimal results. Digital is easier to measure and at times predict, but traditional gives that personal, authentic feeling that will attract some people that digital marketing will miss. Again, a lot will depend on the target audience you decide on.

Tiered Service Offerings
It can be ideal to design different levels of services or products to cater to various customer segments and price points. This allows you to capture a wider market and increase profitability.

Continuously Gather and Act on Customer Feedback
Use surveys, reviews, and direct communication to understand customer needs and improve your offerings. Insights on what the customer wants/needs can also be done analytically with a website and by utilizing powerful Google Analytics and SEO tools.

Networking
Collaborate with complementary businesses or influencers to expand your reach and access new customer bases without significant investment.

Employment Models
When you get to a point where it is getting to be too much to keep up with on your own and you start hiring people, be sure to structure your hierarchy of employees. This is essential if you plan for your company to become more passive income for yourself.

If your goal is to have a company that works like a self-sufficient machine, you have to hire people that are qualified for their positions as well as those who share the values you want your company to project, even if you are not present.

Strive for a professional look and require professional mannerism from your workers. This is only attainable if you, in turn, provide your employees fair treatment and incentive. If your employees hate their job, it will show in the quality and appearance they project in front of your customers.

Workspace/Environment
This part is imperative for any type of work environment and holds even more weight in an office type of space. If your employees are made to work in a space that is cluttered, messy, or has a negative atmosphere, it will directly affect their productivity. For instance, if we are speaking of an office scenario, if your employees show up on Monday to an office that is cluttered or dirty, they will undoubtedly be distracted, which takes their attention away from the work they are doing. If you invest in keeping the work environment clean, sanitary, and host a positive atmosphere where your workers are comfortable with high morale, their productivity will reflect that.

I believe that hiring a cleaning company allocates any time and energy the worker may have spent on trying to keep their space tidy to more time spent focused on the task at hand that is bringing profit to your business.

Automation
Everyone seems to have switched into panic mode over AI supposedly coming after their jobs. AI is not meant for human replacement and will never be a suitable choice for many jobs that require any kind of decision-making tasks. If it is a task that is by nature repetitive without a need for making decisions or problem-solving, then AI is the perfect tool to boost productivity for that task. Time spent doing whatever monotonous task can be utilized by the worker now to work on other tasks that the AI automation is not qualified to.

Note: Even for tasks that seem like they can be fully automated and do not need the human aspect to function should not be left unsupervised. It is not EVER advisable to give an algorithm final say or full control of anything no matter how insignificant you may think it is. This will always hold the chance of causing issues down the road that are worth avoiding.

Once you find reliable people to take over the laborious parts of the job and train management to carry on your ideals and values, it is time to focus on expanding and scaling or maximizing profits. This can also be done by third parties or even in-house by qualified employees.

If you make it far enough, you have options of selling your company for a lump sum, going public, or even stepping down as the owner and hiring an experienced CEO or CFO to make the hard decisions. Note: You don't have to step down completely. A lot of founders hire CEOs and are still a big part of their company even after going public by owning shares that entitle them to a percentage of the deciding power for the business.

This is far from a complete business plan, and I do not claim to be an expert in any way, but I do have a little experience with this subject, and these are just little suggestions to keep in mind. No one’s business is going to require the exact same approach as any other, and all choices should be critically analyzed and weighed out in respect to their specific details.

Positive Growth Mindset
You are going to hit roadblocks, and you will more than likely experience failure in some form or another. But do not let it define you. Take it as a battle wound and a lesson so next time the situation arises you won't even have to think about it; you will just react, and that failure becomes a blessing. Not to mention the feeling that you will get when you take control of a situation and avoid possible incidents is a very good feeling. Your employees may even gain more respect for you if they witness it. Don't dwell on setbacks; utilize them as learning tools for future scenarios.

Final Thoughts
Starting a business is an investment, and all investments come with risk. Your business plan could be perfect in every way and still fail due to external factors beyond your control. It is advisable to have something to fall back on or a plan B so you don't find yourself lost one day. Not everyone will experience success, especially the first try, but if you have the means and grit to at least try, the ends are quantitively far worth the means of getting there.

In sharing these pointers, my aim is to offer general guidance based on my experiences and observations. Every business is unique, so it's essential to tailor these suggestions to your specific situation and continuously seek additional advice and resources. Remember, this is not a definitive plan, but rather a collection of ideas that might help you on your entrepreneurial journey. Never stop learning about your trade and always strive to stay ahead of or at least at pace with your industry. Don't allow yourself to be left behind. Innovate, adapt, and improve whenever possible.